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Ethereum Lacks Momentum Above $200 But An Upsurge Seems Imminent

Mining2020/05/17 08:58 by Aayush Jindal

Ethereum is trading above the $192 and $195 support levels against the US Dollar. ETH price could start a strong surge if there is a clear break above the $205 resistance.
ETH price is trading just below a crucial resistance near the $205 level against the US Dollar.
It is now trading above $192 and the 100 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $202 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair could start a significant rally if it breaks $202 and $205 in the near term.
Ethereum Price Eyeing Upside Break
This past week, Ethereum recovered nicely and climbed above the $188 pivot level against the US Dollar. ETH price even broke the $192 resistance zone and settled above the 100 simple moving average (4-hours) (similar to bitcoin).
The price was able to trade above the 50% Fib retracement level of the last key decline from the $215 high to $176 swing low. However, the price is facing a strong resistance zone near the $204 and $205 levels.
The previous breakdown zone near the $205 level is acting as a key hurdle for Ether. The 76.4% Fib retracement level of the last key decline from the $215 high to $176 swing low is also acting as a resistance at $206.
More importantly, there is a major bearish trend line forming with resistance near $202 on the 4-hours chart of ETH/USD. The pair is currently trading above $192 and the 100 simple moving average (4-hours).
Ethereum Price
To start a significant upward move, Ethereum must break the trend line, $205, and $206 levels. A successful break and close above $206 could open the doors for a larger rally in the near term.
The next major resistance is near the $215 level, above which the price might rise steadily towards the $220 and $230 resistance levels.
Downside Reaction
If Ethereum fails to continue above the $205 and $206 resistance levels, there are chances of a bearish reaction in the near term.
An initial support is near the $197 level and the 100 simple moving average (4-hours). The main support is near the $192 level, below which the price is likely to accelerate lower towards the $180 level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently declining towards the 50 level.
Major Support Level – $192
Major Resistance Level – $206
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